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No comments. Maybe because this PROVES that Bitcoin is not a safe, distributed currency system if this is possible. At any point any government can deny you a
by xyzzy21 5y ago
No comments.
Maybe because this PROVES that Bitcoin is not a safe, distributed currency system if this is possible. At any point any government can deny you access to your Bitcoin or any other block chain "wealth".
The problem is that it still operates using a centralized server that does all the heavy lifting to implement the block chain. It's a single-point failure baked into the fundamental architecture.
Obviously (?) to be somewhat safe and truly independent of "nefarious government surveillance and taxation", you'd need to:
1. Have all computation required to operate ONLY on the computers of the two transactees probably with zero knowledge proof communication
2. Have any central features like the ledger be transactor agnostic like a stateless web server of HTTP 1.0
3. Have dozens if not thousands of ledgers that can be arbitrarily used at random to diffuse identities and transactions
4. Have reconciliation of ledgers be handled with zero-knowledge proofs where nothing identifying is transacted
Basically you have to make it pretty similar in all architecture and functional ways to cash to even approach the distributed nature of cash or metals.
Let me know when the above blockchain system actually exists and I'll reconsider buying Bitcoin! Until then, ANYONE with Bitcoin can suddenly end up on the "wrong side" of the powerful and have everything TRIVIALLY taken from them by "denial of service"
- angryasian 5y agoI think anyone thats paying attention will know the BS marketing around decentralization and power to the people, is all nonsense.
- djohnston 5y agoThe only purpose of coinbase is for Russians to exchange BTC for rubles. If they determine rubles are useless and begin using BTC directly for transactions, e.g. this pelmeni costs .000009 BTC or whatever, then BTC has proven itself as a safe distributed currency system. This already happened in other countries, the next few weeks will better illuminate if it happens here.
- yucky 5y ago>Maybe because this PROVES that Bitcoin is not a safe, distributed currency system if this is possible. Nobody has ever claimed Coinbase or any other exchange is decentralized. But that is not Bitcoin, that is essentially a brokerage account for crypto.